S.Amdt. 2657

1. Adds SECTION __. EXCLUSION OF GAIN FROM SALE OF A PRINCIPAL RESIDENCE BY CERTAIN EMPLOYEES OF THE INTELLIGENCE COMMUNITY at the end of title IV

   Adds a section

   In S. 2020 · Placed on Calendar Senate

   (d) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued during the period beginning after December 31, 2006, and before January 1, 2008, and properly allocable to such period, with respect to mortgage insurance contracts issued after December 31, 2006.

   Inserted: SECTION __. EXCLUSION OF GAIN FROM SALE OF A PRINCIPAL RESIDENCE BY CERTAIN EMPLOYEES OF THE INTELLIGENCE COMMUNITY.

   Inserted: (a) In General.--Subparagraph (A) of section 121(d)(9) (relating to exclusion of gain from sale of principal residence) is amended by striking "duty" and all that follows and inserting "duty--

   Inserted: "(i) as a member of the uniformed services,

   Inserted: "(ii) as a member of the Foreign Service of the United States, or

   Inserted: "(iii) as an employee of the intelligence community.".

   Inserted: (b) Employee of Intelligence Community Defined.--Subparagraph (C) of section 121(d)(9) is amended by redesignating clause (iv) as clause (v) and by inserting after clause (iii) the following new clause:

   Inserted: "(iv) Employee of intelligence community.--The term 'employee of the intelligence community' means an employee (as defined by section 2105 of title 5, United States Code) of--

   Inserted: "(I) the Office of the Director of National Intelligence,

   Inserted: "(II) the Central Intelligence Agency,

   Inserted: "(III) the National Security Agency,

   Inserted: "(IV) the Defense Intelligence Agency,

   Inserted: "(V) the National Geospatial-Intelligence Agency,

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   Inserted: "(VI) the National Reconnaissance Office,

   Inserted: "(VII) any other office within the Department of Defense for the collection of specialized national intelligence through reconnaissance programs,

   Inserted: "(VIII) any of the intelligence elements of the Army, the Navy, the Air Force, the Marine Corps, the Federal Bureau of Investigation, the Department of Treasury, the Department of Energy, and the Coast Guard,

   Inserted: "(IX) the Bureau of Intelligence and Research of the Department of State, or

   Inserted: "(X) any of the elements of the Department of Homeland Security concerned with the analyses of foreign intelligence information.".

   Inserted: (c) Special Rule.--Subparagraph (C) of section 121(d)(9), as amended by subsection (b), is amended by adding at the end the following new clause:

   Inserted: "(vi) Special rule relating to intelligence community.--An employee of the intelligence community shall not be treated as serving on qualified extended duty unless--

   Inserted: "(I) for purposes of such duty such employee has moved from 1 duty station to another, and

   Inserted: "(II) at least 1 of such duty stations is located outside of the Washington, District of Columbia, and Baltimore metropolitan statistical areas (as defined by the Secretary of Commerce).".

   Inserted: (d) Conforming Amendment.--The heading for section 121(d)(9) is amended to read as follows: "Uniformed services, foreign service, and intelligence community".

   Inserted: (e) Effective Date; Special Rule.--

   Inserted: (1) Effective date.--The amendments made by this section shall take effect as if included in the amendments made by section 312 of the Taxpayer Relief Act of 1997.

   Inserted: (2) Waiver of limitations.--If refund or credit of any overpayment of tax resulting from the amendments made by this section is prevented at any time before the close of the 1-year period beginning on the date of the enactment of this Act by the operation of any law or rule of law (including res judicata), such refund or credit may nevertheless be made or allowed if claim therefor is filed before the close of such period.

   Original wording

   At the end of title IV, insert the following:

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As printed